Ghana Takes Control of SA's Gold Mine Over Unmet Conditions Amid Economic Sovereignty Drive
20:11 17.04.2025 (Updated: 20:44 17.04.2025)
© telegram sputnik_africa
/ Subscribe
Ghana Takes Control of SA's Gold Mine Over Unmet Conditions Amid Economic Sovereignty Drive
The government denied Johannesburg-based Gold Fields' lease renewal for the Damang gold mine as it didn't declare verifiable reserves, provide a technical plan, or allocate exploration budgets, the Ministry of Lands stated.
"The takeover marks a pivotal step in Ghana's economic transformation, ensuring gold reserves directly benefit citizens and drive sustainable development," read the statement.
A transition team will be set up to address stakeholders' concerns, ensure local employment and procurement and enforce safety protocols, the ministry noted.
"While we remain open to foreign collaboration, we are clear on balancing investor interests with the long-term needs of our people," Minister of Lands Emmanuel Armah-Kofi Buah told a press conference.
Meanwhile, Ghana's government has recently banned foreigners from the local gold trade, effective since May 1.
Subscribe to @sputnik_africa
